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Bitcoin Futures Open Interest Hits $3.5 Billion; Upward Trend to Continue?

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The Bitcoin and wider cryptocurrency markets surprised observers yesterday as the market capitalisation of leading cryptos suddenly increased. January 14 started with the market at $217.5 billion, today that figure stands at over $238.8 billion.
The heightened market volatility appears to have attracted other traders to the market. Open interest in Bitcoin futures, for example, has soared to $3.5 million.
Does Rising Open Interest Hint of More Upside in Bitcoin?
Even for the cryptocurrency markets, yesterday was a bit of an anomaly. Across the board, digital assets went up. Standout performances came from the likes of Bitcoin SV, Dash, and Ethereum Classic.
As well as buying pressure increasing, so too is interest in Bitcoin futures. Cryptocurrency market analysis firm Skew highlighted the growth in open interest across all exchanges offering the Bitcoin derivative products.
Open interest refers to the total number of outstanding, or unsettled, contracts. Open interest rises as new contracts are created and it falls as contracts are settled. It gives a much clearer picture of the amount of money actually entering or leaving a market than trade volume does.
Quote:
GLOBAL OPEN INTEREST TICKED UP 15% TO $3.5BLN PIC.TWITTER.COM/4A4I9WLYY0
— SKEW (@SKEWDOTCOM) JANUARY 15, 2020..
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